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The story
Founded by David Schaeffer in 1999.1
CCOI on Nasdaq
Cogent Communications
Logo: ™/®Cogent Communications Holdings, Inc., Public domain, via Wikimedia Commons4
Multinational internet service provider based in the United States
Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States.3 From Wikipedia, CC BY-SA 4.0
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Last updated Oct 16, 2026.
Overview
1999Founded1
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- TickerCCOI on Nasdaq1
- Industrytelecommunications industry1
- HeadquartersWashington, D.C.1
- Websitewww.cogentco.com
- Legal formpublic company1
- Incorporated inDE5
- Business address2450 N Street, Nw, Washington, Dc 200375
- Filer categoryLarge accelerated filer5
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Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
On-net brought in 54% of the revenue Cogent Communications broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| On-net | $512.9M | $544.6M | $531.5M |
| Off-net | $393.5M | $454.1M | $397.5M |
| Wavelength Services | $5.7M | $19.2M | $38.5M |
| Non-core | $28.8M | $18.2M | $8.3M |
Regions
North America brought in 84% of the revenue Cogent Communications broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| North America | $802.7M | $888.0M | $819.5M |
| Europe | $108.4M | $116.1M | $122.0M |
| Oceania | $21.4M | $23.3M | $24.8M |
| South America | $7.6M | $8.0M | $8.8M |
| Africa | $786.0K | $642.0K | $588.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue55¢$535.0M
- Selling, general and admin28¢$274.4M
- Other costs11¢$103.6M
- Income tax6¢$62.8M
Out of $975.8M in revenue.8 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Service revenue | $975.8M | $1.0B | $940.9M |
| Network operations (including $1,885, $1,681 and $1,069 of equity-based compensation expense, respectively), exclusive of amounts shown separately | $535.0M | $641.8M | $544.2M |
| Selling, general, and administrative (including $24,532, $24,057 and $25,855 of equity-based compensation expense, respectively) | $274.4M | $275.8M | $275.3M |
| Acquisition costs - Cogent Fiber Business | $21.4M | $18.5M | |
| Depreciation and amortization | $270.2M | $298.0M | $232.2M |
| Total operating expenses | $1.1B | $1.2B | $1.1B |
| Gains on lease terminations and other | $2.7M | $3.3M | -$212.0K |
| Operating loss | -$101.1M | -$197.6M | -$129.3M |
| Interest expense, including change in valuation - interest rate swap | -$161.4M | -$123.3M | -$93.3M |
| Loss on debt extinguishment and redemption - 2026 Notes | -$5.6M | ||
| Gain on bargain purchase - Cogent Fiber Business | $22.2M | $1.4B | |
| Interest income - IP Transit Services Agreement | $16.4M | $23.8M | $26.8M |
| Interest income - Purchase Agreement | $1.7M | $748.0K | $1.9M |
| Interest income and other | $4.9M | $14.6M | $7.0M |
| (Loss) income before income taxes | -$245.0M | -$259.6M | $1.2B |
| Income tax benefit | $62.8M | $55.6M | $54.0M |
| Net (loss) income | -$182.2M | -$204.1M | $1.3B |
| Foreign currency translation adjustment | $32.1M | -$16.3M | $4.8M |
| Comprehensive (loss) income | -$150.1M | -$220.4M | $1.3B |
| Basic net (loss) income per common share | -$3.80 | -$4.28 | $26.88 |
| Diluted net (loss) income per common share | -$3.80 | -$4.28 | $26.62 |
| Dividends declared per common share | $3.05 | $3.92 | $3.76 |
| Weighted-average common shares-basic | 47.9M shares | 47.6M shares | 47.4M shares |
| Weighted-average common shares -diluted | 47.9M shares | 47.6M shares | 47.8M shares |
| Equity-based compensation expense | $26.4M | $25.7M | $26.9M |
Every line of the balance sheet in the latest annual report, as filed.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $148.5M | $198.5M | |
| Restricted cash | $56.6M | $29.4M | |
| Accounts receivable, net of allowance for credit losses of $4,610 and $9,762, respectively | $88.0M | $96.9M | |
| Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $10,401 and $16,915, respectively | $89.6M | $83.1M | |
| Due from T-Mobile, Transition Services Agreement | $119.0K | $62.0K | |
| Prepaid expenses and other current assets | $67.7M | $74.1M | |
| Total current assets | $450.6M | $482.1M | |
| Property and equipment | $3.6B | $3.3B | |
| Accumulated depreciation and amortization | -$1.9B | -$1.7B | |
| Total property and equipment, net | $1.7B | $1.7B | |
| Right-of-use leased assets | $310.5M | $324.3M | |
| IPv4 intangible asset | $458.0M | $458.0M | |
| Other intangible assets, net | $11.3M | $13.0M | |
| Due from T-Mobile, IP Transit Services Agreement, net of discount of $2,255 and $12,122, respectively | $89.4M | $179.5M | |
| Due from T-Mobile, Purchase Agreement, net of discount of $4,006 and $5,755, respectively | $24.1M | $22.4M | |
| Deposits and other assets | $34.8M | $29.6M | |
| Total assets | $3.1B | $3.2B | |
| Accounts payable | $30.6M | $39.8M | |
| Accrued and other current liabilities | $109.6M | $134.6M | |
| Due to T-Mobile - Transition Services Agreement | $525.0K | ||
| Current maturities, operating lease liabilities | $54.6M | $57.2M | |
| Finance lease obligations, current maturities | $26.1M | $21.2M | |
| Total current liabilities | $220.8M | $253.3M | |
| Operating lease liabilities, net of current maturities | $269.8M | $302.0M | |
| Finance lease obligations, net of current maturities | $597.2M | $517.2M | |
| Deferred income tax liabilities | $333.3M | $398.3M | |
| Other long-term liabilities | $28.6M | $40.1M | |
| Total liabilities | $3.2B | $3.0B | |
| Common stock, $0.001 par value; 75,000,000 shares authorized; 50,062,158 and 49,034,925 shares issued and outstanding, respectively | $50.0K | $49.0K | |
| Additional paid-in capital | $643.3M | $629.8M | |
| Accumulated other comprehensive income (loss) | $1.4M | -$30.7M | |
| Accumulated deficit | -$708.6M | -$376.3M | |
| Total stockholders' (deficit) equity | -$63.8M | $222.8M | $609.6M |
| Total liabilities and stockholders' (deficit) equity | $3.1B | $3.2B | |
| Accounts receivable, net of allowance for credit losses | $4.6M | $9.8M | $3.7M |
| Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount | $10.4M | $16.9M | |
| Due from T-Mobile, IP Transit Services Agreement, noncurrent portion discount | $2.3M | $12.1M | |
| Due from T-Mobile, Purchase Agreement, net of discount | $4.0M | $5.8M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized | 75.0M shares | 75.0M shares | |
| Common stock, shares issued | 50.1M shares | 49.0M shares | |
| Common stock, shares outstanding | 50.1M shares | 49.0M shares |
Every line of the cash flow in the latest annual report, as filed.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss) income | -$182.2M | -$204.1M | $1.3B |
| Depreciation and amortization | $270.2M | $298.0M | $232.2M |
| Amortization of debt discounts and premium | $5.7M | $3.7M | $1.3M |
| Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements | -$18.1M | -$24.5M | -$28.7M |
| Equity-based compensation expense (net of amounts capitalized) | $26.4M | $25.7M | $26.9M |
| Gain on bargain purchase - Cogent Fiber Business | -$22.2M | -$1.4B | |
| Loss on extinguishment & redemption of 2026 notes | $5.6M | ||
| Gains - lease terminations and other | -$2.7M | -$3.3M | $212.0K |
| Deferred income taxes | -$65.0M | -$51.6M | -$69.6M |
| Accounts receivable | $8.9M | $38.5M | -$51.0M |
| Prepaid expenses and other current assets | -$1.4M | -$5.8M | -$11.0M |
| Due to T-Mobile - Transition Services Agreement | -$525.0K | -$66.4M | $66.9M |
| Due from T-Mobile - Transition Services Agreement | -$57.0K | $4.5M | -$4.5M |
| Deposits and other assets | -$6.9M | -$4.0M | -$1.5M |
| Accounts payable, accrued liabilities and other long-term liabilities | -$50.4M | $2.9M | -$10.9M |
| Net cash (used in) provided by operating activities | -$10.6M | -$8.6M | $17.3M |
| Cash receipts - IP Transit Services Agreement - T-Mobile | $100.0M | $204.2M | $204.2M |
| Acquisition of Cogent Fiber Business, net of $47.1 million of cash acquired in 2023 | $12.3M | $2.2M | |
| Purchases of property and equipment | -$187.6M | -$195.0M | -$129.6M |
| Net cash (used in) provided by investing activities | -$87.6M | $21.5M | $76.7M |
| Redemption and extinguishment of secured 2026 notes | -$505.0M | ||
| Dividends paid | -$150.1M | -$189.4M | -$181.7M |
| Purchases and retirement of common stock | -$16.7M | -$8.0M | |
| Principal payments of finance lease obligations | -$33.8M | -$74.6M | -$77.4M |
| Settlement of a finance lease - at a discount | -$114.6M | ||
| Proceeds from exercises of common stock options | $175.0K | $2.2M | $1.2M |
| Net cash provided by (used in) financing activities | $62.9M | $105.9M | -$257.9M |
| Effect of exchange rate changes on cash | $12.4M | -$4.6M | $1.6M |
| Net (decrease) increase in cash and cash equivalents & restricted cash | -$22.8M | $114.1M | -$162.1M |
| Cash paid for interest | $154.7M | $134.0M | $104.7M |
| Cash paid for income taxes net of (refunds) for 2025 -See Note 5 | -$659.0K | $3.2M | $35.3M |
| Finance lease obligations incurred | $149.1M | $241.2M | $232.5M |
| Fair value of equipment acquired in leases | $141.0K | ||
| Cash acquired | $47.1M |
Leadership
Who has led Cogent Communications, and when. Pick a name to see everywhere that person has worked.
- FounderDavid Schaeffer1
- Chief executive officerDavid Schaeffer1
Acquisitions
Cogent was founded in 1999 at the peak of the industry's growth and was funded by angel investors including members of Keiretsu Forum. In three years, Cogent acquired 13 other failing carriers, purchasing $14 billion in capital for $60 million, including $4 billion worth of Property, Plant and Equipment.
September 2001 – Acquires the assets of NetRail
February 2002 – Acquires Allied Riser
April 2002 – Acquires Building Access Agreements from OnSite Access
Read the full text
April 2002 – Acquires Major US Assets of PSINet
September 2002 – Acquires Major Assets of FiberCity Networks
February 2003 – Acquires Fiber Network Solutions
May 2003 – Acquires Assets of Applied Theory
January 2004 – Acquires LambdaNet France & Spain
March 2004 – Acquires Fiber Network and Equipment in Germany Out of Former Carrier1 Assets
September 2004 – Acquires Global Access
October 2004 – Acquires Aleron Broadband
December 2004 – Acquires NTT/Verio Dedicated Access Business in U.S.
In September, 2022, it was announced that Cogent was buying the Sprint Corporation wireline business from T-Mobile for $1.00, assuming some liabilities.
From Wikipedia’s article on Cogent Communications, shared under CC BY-SA 4.0.6
Former names
- COGENT COMMUNICATIONS GROUP INCDec 7, 2001 to Jun 26, 20145
Timeline
Recent filings
- Sep 30, 20264
- Sep 30, 20264
- Sep 30, 20264
- Sep 30, 20264
- Sep 30, 20264
- Sep 30, 20264
- Sep 30, 20264
- Sep 15, 20264
- Sep 3, 20264
- Sep 2, 2026144
- Aug 7, 2026SCHEDULE 13G
- Aug 6, 20268-K
- Aug 6, 202610-Q
- Jul 31, 2026SCHEDULE 13G/A
- Jul 1, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitewww.cogentco.com1
- WikipediaCogent Communications
- WikidataQ1106938
- SEC EDGARCIK 1158324
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3WikipediaCogent Communications on Wikipedia
- 4
- 5
- 6
- 7Wikimedia CommonsCogent Communications photo by ajay_suresh, CC BY 4.0
- 8
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